Saudi Arabia and Qatar are set to repay Syria’s $15 million World Bank debt to boost economic recovery. This will enable access to essential financial support and aid Syrian institutional rebuilding, according to both countries. The IMF has expressed intent to support Syria’s reestablishment in the global economy, following significant political changes within the country.
On Sunday, Saudi Arabia and Qatar announced plans to pay off Syria’s debt of $15 million to the World Bank. This effort aims to bolster Syria’s economic recovery following a prolonged period of conflict and instability. The two nations emphasized that settling these debts will not only help Syria regain financial stature but also reinstate essential support for developmental sectors, in addition to technical assistance for institutional rebuilding and policy reforms.
The joint statement from Saudi Arabia and Qatar stressed the importance of international and regional financial institutions quickly resuming and broadening their development activities in Syria. They called for a coordinated effort that aims to achieve the hopes and dreams of the Syrian populace for a better future.
Significantly, this announcement follows the participation of Syria’s central bank governor and finance minister in International Monetary Fund (IMF) and World Bank spring meetings, marking their first attendance in over two decades.
During this week, IMF Director Kristalina Georgieva expressed a commitment to aid Syria in the reconstruction of its institutions and facilitate its reintegration into the global economy. The political landscape in Syria saw a dramatic shift when Bashar Assad, who had led for nearly a quarter of a century, sought refuge in Russia last December.
A transitional administration was subsequently established at the end of January, which led to the dissolution of the constitution, various security apparatuses, armed factions, the parliament, and, notably, the Baath Party, which had been in power since 1963.
In summary, Saudi Arabia and Qatar’s decision to repay Syria’s World Bank debt is a significant step towards facilitating Syria’s recovery. This move, along with international financial support, could unlock crucial resources for rebuilding the country’s infrastructure and governance. As Syria navigates this transition, the support from regional powers, alongside the commitment from the IMF, signals a renewed international focus on the country’s future.
Original Source: www.yenisafak.com
